The Basic Marketing Concept

1. The Basic Marketing Concept

2. Marketing Applications 4.1 The Marketing Concept The Marketing Concept A philosophy that a company’s success is ultimately dependent upon efficient identification of consumer needs and wants and the ability to satisfy them

3. Marketing Applications 4.1 The Marketing Concept Why Is Marketing Important? • Financial success is a direct result of an organization’s ability to effectively market its products and services • A business achieves profitability when they offer the goods and services that customers need and want at the right price • Marketers strive to identify and understand all factors that influence consumer buying decisions

4. Marketing Applications 4.1 Needs vs. Wants A need is something you have to have and that you cannot do without For example, we need food. Without eating, we cannot survive! A wantis simply something you would like to have You might want a Nintendo Wii or tickets to an upcoming game, but you can survive without them

5. Marketing Applications 4.1 The Exchange Process • 3 requirements • Must be at least two parties involved in process • Some means of communication must be present between all parties • Each party must be free to accept or decline offer Exchange Process: Marketing transaction in which the buyer provides something of value to the seller in return for goods and services that meet that buyer’s needs or wants

6. Marketing Applications 4.1 Benefits of Marketing The marketing process serves many purposes and provides numerous benefits for the consumer • The ability to add perceived value to goods and services • Making the buying process easy and convenient for consumers • Creating and maintaining reasonable prices • Offering a variety of goods and services • Increasing production